For the Following Questions,refer to Figure S1

question 23

Short Answer

For the following questions,refer to Figure S1.1,which shows a portion of the sky visible in the early evenings in the fall.Note that five bright stars are labeled with lowercase letters and five constellations are labeled with capitals.A few hints are also given.

-Which constellation (capital letters)is Pegasus?

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Definitions:

Surplus

The amount by which the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.

Supply Elasticities

A measure of how much the quantity supplied of a good responds to a change in price, indicating the responsiveness of sellers to price changes.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the market equilibrium price.

Short-Run World Demand

Refers to the total quantity of a good or service that is demanded globally over a short period of time, with at least one factor of production held constant.